Beat the crowds. Get your taxes prepared in January.

Read this in 7 minutes

Just
because the IRS has stated they won’t be ready for tax returns until January
30, doesn’t mean you have to sit around and twiddle your thumbs. Be proactive
and get ahead of those last-minute crowds who are waiting because they believe -
since the IRS’s announcement - that there’s no rush.

Once you
get your W2, stop in at a Liberty Tax and get your tax return prepared. At a
minimum, you’ll know what’s ahead for you – a refund or payment. True, you can’t
file until January 30, but getting it
prepared is half the battle for most of us. And Liberty will handle the filing
for you when the flood gates open.

Use time
to your advantage. If you’re getting a refund, statistics say you spend the
money within the first week of receiving it. So take this time to shop around if
you’re planning to spend the money on a large purchase, say a new HVAC unit. You
have the luxury of time to seek out the best deal while you await your refund.

If you find
out you owe the IRS, knowing sooner can only help you prepare to save or review
your payment options. Again, knowing what’s ahead is better than not knowing.

So take
the IRS’s delay as a cue for you to get ahead of the game. Here are a few
things you might want to pull together before heading into your tax preparer:

Social
Security numbers – yours, your spouses and your dependents

Tax
ID number of your child care provider

W-2
from your employer – you should have this by January 31

Form
1099-MISC – if you worked as a contractor

Form 1099-INT – for interest earned on most savings accounts

Form 1099-DIV - for each stock, mutual fund or money market
account. (If you used a broker, the broker transactions will be sent on Form
1099-B.)

Form 1098 – mortgage interest paid for each home you own

Receipts for any state and local income taxes paid (such as your
home, car, boat, etc.)

Receipts for any charitable donation

Mileage you traveled for volunteer work - you can’t claim your time,
but you can deduct your mileage. (Use your calendar as documentation, mark the
mileage driven on the days you volunteered.)

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Disclaimer: Tax Lounge is an informational source for industry news and related topics. We take every effort to provide honest and accurate tax information, but this information should not be a substitute for professional tax advice. Use our office locator to find your local tax office or subscribe to our free newsletter.

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